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☆ CPI Report Live: Inflation Cooled to 3.2% in October; Dow Jumps 500 Points
▼ + stars: | 2023-11-14 | by ( ) www.wsj.com time to read: +1 min

Stocks and government bonds are soaring after the CPI report showed inflation cooled more than expected to 3.2% in October from a year ago. Treasurys are on track for one of their biggest one-day rallies of the year, while many traders are ramping up bets on rate cuts. Stocks jumped. The two-year yield is on track for its biggest one-day decline since May. Gains in the stock market were broad.

Persons: Stocks Organizations: Federal Reserve, Tech, Nasdaq, Dow Jones, Treasury, Nvidia Locations: Asia, Hong Kong, Tokyo, Europe

☆ JPMorgan's stock guru Kolanovic says don't buy the market bounce, stocks are overvalued and consumer is in trouble
▼ + stars: | 2023-11-14 | by ( Scott Schnipper | ) www.cnbc.com time to read: +1 min

The S & P 500 is up more than 7% in November, but JPMorgan wrote to clients this week that the rebound is just a head fake. The biggest bank in the country thinks stocks are expensive and consumer spending is set to slow. Rather, "a significant part of this move was technical in nature, driven by momentum strategies and short covering." The hurdles for the stock market are manifold, according to JPMorgan. Instead, JPMorgan recommends a defensive posture in its model portfolio, underweighting stocks and bonds and overweighting cash and commodities.

Persons: Marko Kolanovic, Kolanovic, — CNBC's Michael Bloom Organizations: JPMorgan

☆ Japan PM to sack deputy finance minister over tax scandal - NHK
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

Fumio Kishida, Japan's prime minister, speaks during a news conference at the prime minister's official residence in Tokyo, Japan, November 2, 2023. Kiyoshi Ota/Pool via REUTERS/File Photo Acquire Licensing RightsTOKYO, Nov 13 (Reuters) - Japanese Prime Minister Fumio Kishida has decided to sack a deputy finance minister, public broadcaster NHK reported on Monday, after the official last week admitted to media reports that he had been delinquent on tax payments in the past. State Minister of Finance Kenji Kanda, who is in charge of government bonds and monetary policy, would be the third to leave a ministerial post in just two months since Kishida reshuffled his cabinet to improve tumbling public approval ratings. The report of Kanda's firing comes as the latest poll by broadcaster FNN showed the approval rating for Kishida's cabinet reaching a record low of 27.8%, sliding 7.8 points from last month. Reporting by Kantaro Komiya and Satoshi Sugiyama Editing by Chang-Ran KimOur Standards: The Thomson Reuters Trust Principles.

Persons: Fumio, Kiyoshi Ota, Fumio Kishida, of Finance Kenji Kanda, Kishida, FNN, Kantaro Komiya, Satoshi Sugiyama, Chang, Ran Kim Organizations: Rights, NHK, of Finance, Thomson Locations: Tokyo, Japan

☆ Beijing is on the right path to solving the main challenge facing China's market: CICC
▼ + stars: | 2023-11-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBeijing is on the right path to solving the main challenge facing China's market: CICCKevin Liu of CICC Research says Beijing's issuance of 1 trillion yuan in government bonds will make a difference in addressing the problem of delayed credit expansion in China.

Persons: Kevin Liu, CICC Organizations: Beijing, CICC Research Locations: China

☆ Are US Treasurys still a safe-haven asset? An epic bond-market crash and rising default fears are sowing doubts.
▼ + stars: | 2023-11-12 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Financial markets have been engaged in a growing debate over the risks that lurk in Treasurys, with prominent voices raising doubts. AdvertisementAdvertisementIn March, a Richard Bernstein Advisors note said spreads on credit default swaps have climbed for Treasurys since since 2011, when the federal government was issued its first credit downgrade. Then came this spring's debt-ceiling drama and the US credit downgrade in August from Fitch, which cited the rising debt burden and political dysfunction. If a downgrade follows, then US debt wouldn't be in the safest category for default risk at any of the three major ratings agencies. Several auctions for long-dated Treasurys have seen weak demand, and buyers are demanding higher compensation for the risk of carrying Treasurys.

Persons: —, Moody's, they've, Mohamed El, Erian, Asset's Seema Shah, Treasurys, Richard Bernstein, Gennadiy Goldberg isn't Organizations: Service, Federal, CNBC, Dallas Federal, Richard Bernstein Advisors, Fitch, Penn Wharton Budget, Securities Locations: Treasurys, there's, US

☆ Japan PM to Sack Deputy Finance Minister Over Tax Scandal - NHK
▼ + stars: | 2023-11-12 | by ( Nov. | At P.M. | ) www.usnews.com time to read: 1 min

TOKYO (Reuters) - Japanese Prime Minister Fumio Kishida has decided to sack a deputy finance minister, public broadcaster NHK reported on Monday, after the official last week admitted to media reports that he had been delinquent on tax payments in the past. State Minister of Finance Kenji Kanda, who is in charge of government bonds and monetary policy, would be the third to leave a ministerial post in just two months since Kishida reshuffled his cabinet to improve tumbling public approval ratings. The report of Kanda's firing comes as the latest poll by broadcaster FNN showed the approval rating for Kishida's cabinet reaching a record low of 27.8%, sliding 7.8 points from last month. (Reporting by Kantaro Komiya and Satoshi Sugiyama; Editing by Chang-Ran Kim)

Persons: Fumio Kishida, of Finance Kenji Kanda, Kishida, FNN, Kantaro Komiya, Satoshi Sugiyama, Chang, Ran Kim Organizations: NHK, of Finance Locations: TOKYO

☆ Goldman Sachs sees 'clear deficit' of iron ore for the rest of the year
▼ + stars: | 2023-11-10 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

The iron ore market is looking at a shortfall for the rest of the year due to low inventories and falling production, said Goldman Sachs. "Rather than facing a surplus for this year, the iron ore market is now set for a clear deficit," Goldman said in a recent report. The metal is primarily used to make steel, an important material in construction and engineering projects. That being said, Goldman remains cautious in ascribing too much optimism in the uptick of steel demand coming out of China's embattled property sector. China's property crisis has been one of the biggest spanner in the works in achieving a sustainable economic recovery.

Persons: Goldman Sachs, Goldman Locations: China's

The central bank could revise up its price forecasts again in January, which would allow policymakers to justify pulling short-term interest rates out of negative territory, he said. "There's a chance the BOJ could end negative rates as early as January next year, if it judges that inflationary pressure is heightening," Maeda told Reuters in an interview on Wednesday. It also applies a charge to a pool of excess reserves to guide short-term rates at -0.1% under its negative-rate policy. Before adopting negative rates and YCC in 2016, the BOJ was pushing down long-term rates solely with a huge asset-buying programme called "quantitative and qualitative easing" (QQE). "After ending negative rates, the BOJ's policy would look quite similar to when it just had QQE," Maeda said.

Persons: Issei Kato, Eiji Maeda, Maeda, There's, BOJ, Leika Kihara, Gerry Doyle Organizations: Bank of Japan, REUTERS, Rights, Bank of, Reuters, Chibagin Research, Thomson Locations: Tokyo, Japan, Bank of Japan

☆ 'Dr. Doom' Nouriel Roubini has said crypto is 'totally corrupt.' Now he's launching his own token.
▼ + stars: | 2023-11-09 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

"Dr. Doom" Nouriel Roubini is launching a crypto token after years of bashing the crypto industry. The token will be pegged to investments Roubini has touted in the past, including gold and other commodities. Roubini has been a vocal crypto critic, previously calling the industry "totally corrupt." Now, his asset management firm is creating its own crypto token. And he's warned of some form of disaster for the US economy for most of the past two decades.

Persons: Doom, —, Roubini, he's, Atlas, That's Organizations: Service, US Dollar Atlas Capital

☆ Falling Treasury yields could turn Fed hawkish if financial conditions ease
▼ + stars: | 2023-11-09 | by ( David Randall | ) www.reuters.com time to read: +5 min

REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsNEW YORK, Nov 9 (Reuters) - Falling Treasury yields helped launch an explosive rebound in stocks and lifted U.S. government bonds from 16-year lows. Evidence of the dynamic between yields and financial conditions could be seen in last week’s 0.5% decline in the Goldman Sachs Financial Conditions Index, its sixth biggest weekly drop since 1990. Policymakers have largely refrained from verbally pushing back on the easing in financial conditions during a flurry of appearances by policymakers this week. Analysts at TD Securities, however, believe further easing in Treasury yields will eventually become a "double-edged sword." To be sure, not every scenario sees the Fed in a higher-for-longer posture if Treasury yields continue falling.

Persons: Jerome Powell, Kevin Lamarque, Brian Jacobsen, Jacobsen, CME's, Sameer Samana, David Randall, Saqib Iqbal Ahmed, Ira Iosebashvili, Andrea Ricci Organizations: Federal Reserve, Federal, Committee, REUTERS, Goldman, Treasury, Annex Wealth Management, Reuters Graphics, International Monetary Fund, TD Securities, Fed, Wells, Investment Institute, Thomson Locations: Washington , U.S, United States, China, Samana, U.S

☆ Asia stocks snap winning streak, Aussie slips
▼ + stars: | 2023-11-07 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 1.2% following a three-day rally that lifted the benchmark by nearly 6%. South Korean shares (.KS11) fell 3% as traders unwound some of Monday's surge on the reimposition of a short-selling ban. Treasuries were broadly steady in Asia, having unwound a little of last week's rally on Monday. Ten-year yields hovered at 4.92% - about 10 basis points above where they closed on Friday, but below where they were a week earlier. "It was a dovish hike...it's not pointing to any immediate need for a follow-up," said RBC Capital Markets rates strategist Rob Thompson on the phone from Sydney.

Persons: Kim Kyung, Nicholas Chia, it's, Rob Thompson, Alan Ruskin, George Saravelos, Gold, bitcoin, Ankur Banerjee, Lincoln Organizations: Tokyo Stock Exchange, REUTERS, Rights, Reserve Bank of Australia, South, Japan's Nikkei, Shanghai, Nasdaq, Standard Chartered, Fed, Capital Markets, U.S, Deutsche Bank, Brent, Thomson Locations: Tokyo, Japan, Rights SINGAPORE, Australia, Asia, Pacific, Sydney, Taiwan, East, Russia, Saudi Arabia, Singapore

☆ EUROPE Australia hikes but tempers its outlook
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +3 min

Two women walk next to the Reserve Bank of Australia headquarters in central Sydney, Australia February 6, 2018. The Aussie dollar fell more than 0.8% and Australian government bonds rallied because the 25 basis point hike by the Reserve Bank of Australia came with a softening of language on whether further hikes would be needed. It was an otherwise quiet session in the absence of major updates that might have consequences for the interest rate outlook. Last week's chaos in Chinese money markets has subsided but it left behind a glimpse of financial pressures beneath the surface and the challenges around China's uneven recovery from the COVID-19 pandemic. British house prices, German industrial output and European producer prices are due later on Tuesday, as are earnings from UBS (UBSG.S).

Persons: Daniel Munoz, Tom Westbrook, Read, SoftBank, Benjamin Netanyahu, Fed's Waller, Logan, Schmid, ECB's de, Edmund Klamann Organizations: Reserve Bank of Australia, REUTERS, Bond, South, Read Reuters, UBS, 163rd Melbourne, NY, Thomson Locations: Sydney, Australia, Asia, Japan, British, Gaza

☆ Investors poured more than $5 billion into active bond ETFs in October. Here are the top names
▼ + stars: | 2023-11-06 | by ( Michelle Fox | ) www.cnbc.com time to read: +1 min

Investors are piling into active fixed income funds at record levels, according to State Street Global Advisors. That brings inflows to $24.8 billion so far this year for active fixed income funds. In fact, 43% of the month's inflows went into ultra-short bond funds, according to State Street. With that in mind, CNBC Pro screened for active bond exchange-traded funds with the largest inflows in October. Here are the active bond funds with the largest inflows year to date.

Persons: Matthew Bartolini, Bartolini, —, Jesse Pound, Michael Bloom Organizations: Street Global Advisors, Americas Research, State, Federal Reserve, Treasury, CNBC Pro Locations: Americas

☆ China to accelerate issuance of government bonds, finance minister says
▼ + stars: | 2023-11-05 | by ( ) www.reuters.com time to read: +2 min

A woman walks in the Central Business District (CBD) on a hazy morning in Beijing, China, October 25, 2021. REUTERS/Thomas Peter/File Photo Acquire Licensing RightsBEIJING, China, Nov 5 (Reuters) - China will accelerate the issuance and use of government bonds, state-run news agency Xinhua reported on Sunday citing an interview with new finance minister Lan Foan. "The Ministry of Finance will continue to implement a proactive fiscal policy, focus on improving efficiency, and better play the effectiveness of fiscal policy," said Lan, who also noted the "complex domestic and international situation". Some new local government debt quotas for 2024 have been issued in advance to reasonably ensure local financing needs, he said. The top parliamentary body last month approved the issuance of 1 trillion yuan ($137 billion) in sovereign bonds in the fourth quarter to fund rebuilding of areas affected by floods, state media reported.

Persons: Thomas Peter, Lan Foan, Lan, Liu Kun, Martin Quin Pollard, Wang Shuyan, William Mallard, Christopher Cushing Organizations: Central Business, REUTERS, Rights, Xinhua, Ministry, Finance, Communist Party, Thomson Locations: Beijing, China, Rights BEIJING, Shanxi

☆ Rich countries are stumbling into a debt trap
▼ + stars: | 2023-11-03 | by ( Felix Martin | ) www.reuters.com time to read: +7 min

Unlike many corporations and households, the U.S. government did not lock in the low interest rates of the last decade by issuing long-dated debt, preferring instead to skew funding towards bills and short-term bonds. The second route out of the debt trap is to target the primary fiscal surplus, choosing a combination of spending cuts and tax hikes that will stabilise the public debt. That leaves the third route to debt sustainability – keeping real interest rates low. But in the short run, it allows a government to tame the debt ratio without fiscal austerity, and even if growth is sluggish. Governments are indeed stuck in a classic debt trap.

Persons: Joe Biden, Fumio Kishida, Volodymyr Zelenskiy, Kacper, Everett Dirksen, you’re, Dirksen’s, Stanley Druckenmiller, Joe Biden’s, Peter Thal Larsen, Thomas Shum Organizations: Japan's, NATO, REUTERS, Reuters, Congressional, Office, International Monetary Fund, U.S, Treasury, Reuters Graphics Reuters Graphics, Medicaid, Federal, Bank of Japan, Thomson Locations: Ukraine, Vilnius, Lithuania, Illinois, U.S, Britain

☆ Stock Market News, Nov. 3, 2023: U.S. Indexes Log Best Week of 2023 After Jobs Report
▼ + stars: | 2023-11-03 | by ( ) www.wsj.com time to read: +1 min

All three major U.S. indexes climbed Friday, helping them to their best weeks of the year. The U.S. added 150,000 jobs in October, below economists' projections, while the unemployment rate was slightly higher than expected. The stock market's most valuable company, Apple, disappointed investors with an anemic growth outlook after the bell yesterday. The broad S&P 500 rose nearly 6% this week. FTX founder Sam Bankman-Fried was convicted of fraud Thursday and crypto exchange Coinbase Global reported a seventh quarter of losses.

Persons: Dow, Bitcoin, Sam Bankman, Fried, Brent Organizations: Apple, Dow industrials, Nasdaq, Treasury, Global Locations: U.S

Plenty of bond investors have been burned calling a bottom in a selloff that has taken Treasuries to the cusp of an unprecedented third straight year of losses. One potential near-term pitfall is Friday’s U.S. payrolls data, which could revive expectations of Fed hawkishness if they come in stronger than expected. The rise in Treasury yields has reached far beyond the bond market. The S&P 500 is down nearly 8% from its July high, as rising bond yields offer investment competition to equities while threatening to raise the cost of capital for companies. “The market is running with the idea that the Fed is done hiking, which they may or may not be,” he said.

Persons: Jerome Powell nodded, Bonds, ”, Jack McIntyre, “, ” McIntyre, Stanley Druckenmiller, Duquesne, Bond, Josh Emanuel, Powell, We've, Greg Wilensky, Janus Henderson, ” Wilensky, Noah Wise, Davide Barbuscia, David Randall, Ira Iosebashvili Organizations: Treasury, Federal, Fed, U.S . Treasury, Brandywine, Janus, Janus Henderson Investors, Allspring Global Investments, Thomson Locations: U.S, Wilshire

☆ UK and Europe's borrowing costs slide after central banks hold rates
▼ + stars: | 2023-11-02 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

People walk outside the Bank of England in the City of London financial district, in London, Britain, January 26, 2023. The 10-year yield on U.K. government bonds, known as gilts, was 13 basis points lower at 4.366% at 3:20 p.m. in London following the Bank of England announcement at midday. The 2-year yield, a reflection of interest rate expectations, was down 8 basis points at 4.711%. Elsewhere in Europe, bond yields have also been sliding. German 10-year bond yields fell following the Fed decision and were around 5 basis points lower on Thursday, while Italy's 10-year yield was down 9 basis points.

Persons: Henry Nicholls, —, Philip Lane, Jerome Powell's, Steve Englander Organizations: Bank of England, Reuters, Federal Reserve, European Central Bank, ECB, Research, Standard Chartered, Treasury Locations: City, London, Britain, Europe, North America, U.S

☆ There are 2 factors that may be driving bond yields more than Fed meetings, Societe Generale says
▼ + stars: | 2023-11-02 | by ( Aruni Soni | ) www.businessinsider.com time to read: +3 min

Fed meetings may not be the biggest mover of the bond market, Societe Generale said. AdvertisementAdvertisementDespite US bond yields plunging after Wednesday's Federal Reserve meeting, central bankers may not be moving the market as much as other factors, according to Societe Generale. Another factor elbowing yields higher is the Bank of Japan, according to Edwards. AdvertisementAdvertisementThis week, the BoJ further loosened its grip on bond yields, marking another step back from its so-called yield curve control policy meant to stimulate the economy by keeping interest rates low. "That pressure intensified at exactly the same time as it became apparent just how gargantuan US Treasury issuance had become," he added.

Persons: —, Albert Edwards, Fedspeak, Edwards Organizations: Societe Generale, Bank of Japan, Service, Reserve, Treasury, Treasury Department

The 10-year Japanese government bond yield rose 2 basis points (bps) to 0.970%, a level last seen in May 2013, before retreating to 0.960% immediately after the BOJ announced an emergency bond-purchase operation. Tsuruta sees the tweak as a step toward the BOJ eventually exiting from negative interest rates policy, which he expects around the beginning of next year at the earliest. The two-year JGB yield had ticked up to 0.160%, while the five-year yield reached 0.480%, levels not seen since 2011. On the superlong end, the 20-year JGB yield rose to its highest since July 2013 at 1.735%. The 30-year JGB yield was up 3 bps at 1.905%.

Persons: Kim Kyung, Keisuke Tsuruta, Mitsubishi UFJ, Mitsubishi UFJ Morgan Stanley, Tsuruta, James Malcolm, YCC, Malcolm said, Brigid Riley, Vidya Ranganathan, Shri Navaratnam Organizations: Bank of Japan, REUTERS, Rights, Mitsubishi, Mitsubishi UFJ Morgan, Mitsubishi UFJ Morgan Stanley Securities, UBS, Thomson Locations: Tokyo, Japan, London

☆ These 10 portfolio names outperformed the stock market amid the October decline
▼ + stars: | 2023-11-01 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

AMZN YTD mountain Amazon (AMZN) year-to-date performance Shares of Amazon (AMZN) climbed 4.7% throughout October on the company's better-than-expected third-quarter results . PANW YTD mountain Palo Alto Networks (PANW) year-to-date performance Shares of Palo Alto Networks (PANW) rose 3.7% last month. LLY YTD mountain Eli Lilly (LLY) year-to-date performance Eli Lilly (LLY) stock climbed 3.1% in October after a weak September performance. LIN YTD mountain Linde (LIN) year-to-date performance Shares of Linde (LIN) rebounded on the company's stellar quarterly earnings release last week. CTRA YTD mountain Coterra (CTRA) year-to-date performance Coterra Energy (CTRA) notched gains of 1.7% in October.

Persons: Locker, we're, Foot Locker's, Foot Locker, Andy Jassy, Eli Lilly, LLY, Decker, Stanley Black, Jim Cramer's, Jim Cramer, Jim, Brendan Mcdermid Organizations: Nike, Club, Humana, Microsoft, Big Tech, Amazon, Services, Palo Alto Networks, Alto, Procter & Gamble, Procter, Gamble, LIN, Linde, The, Hamas, CNBC, Traders, New York Stock Exchange Locations: —, Palo, Lilly's, Israel, Palestinian Territories, New York City, U.S

☆ Wavering ‘Magnificent Seven’ draw bargain-hunters amid U.S. stock sell-off
▼ + stars: | 2023-11-01 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

Surging bond yields and mixed earnings reports have weighed on the so-called Magnificent Seven stocks, which are collectively down an average of about 15% from their 52-week highs, though they all still sit on hefty gains for the year. The stocks now trade at an average forward price-to-earnings ratio of about 30 times compared with 45 times in mid-June. I actually think the Magnificent Seven will hold up better,” said King Lip, chief strategist at Baker Avenue Wealth Management. Because the Magnificent Seven have a combined weighting of 28% in the S&P 500, their performance holds a large sway over the broader index. Lip said his firm owns shares of all seven companies and has recently added to its holdings in some of them.

Persons: Brendan McDermid, Meta, ”, Lip, Jay Hatfield, Kim Forrest, ” Forrest, Apple’s, Hatfield, Thomas Ognar, Ognar, ” Ognar, Lewis Krauskopf, Ira Iosebashvili, Jonathan Oatis Organizations: NVIDIA Corp, New York Stock Exchange, REUTERS, Apple, Microsoft, Wealth Management, Tech, BofA Global Research, Vanda Research, Federal, Treasury, U.S, Google, Facebook, Bokeh Capital Partners, Nvidia, Allspring, Thomson Locations: New York City, U.S

☆ The Japanese yen's underlying forces are so weak the currency is in the 'same league' as the Argentine peso and Turkish lira, Deutsche Bank says
▼ + stars: | 2023-11-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The yen's key drivers are so weak the currency is comparable to the Turkish lira and Argentine peso, Deutsche Bank said. The country's balance of payments are also weak as the Bank of Japan has triggered capital flight. AdvertisementAdvertisementThe Japanese yen's fundamentals are so weak the currency is comparable to some of the world's worst performing tenders, a Deutsche Bank note said on Wednesday. "A simple glance of the yen's drivers - yields and external accounts - puts the Japanese yen in the same league as the Turkish lira and Argentine peso," George Saravelos, the bank's global head of foreign exchange research, wrote in the report. Intervention by the Bank of Japan in currency markets won't help the yen, and may actually backfire.

Persons: —, George Saravelos, Saravelos Organizations: Argentine, Deutsche Bank, Bank of, Service, Bank of Japan Locations: Japan, Bank of Japan

☆ US stocks rise as bond yields fall after the Fed keeps interest rates steady
▼ + stars: | 2023-11-01 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks climbed Monday as the Fed announced its decision to keep interest rates unchanged. Bond yields ticked lower, with the 10-year Treasury yield slipping 11 basis-points. AdvertisementAdvertisementUS stocks closed higher on Wednesday as investors took in the Federal Reserve's latest interest rate decision. Fed officials chose to keep interest rates level at their November policy meeting, in-line with investors' expectations. The Fed funds rate is still in the 5.25%-5.5% range, the highest interest rates have been since 2001.

Persons: —, Jerome Powell, Powell, Chris Zaccarelli Organizations: Fed, Treasury, Service, Nasdaq Locations: US, Here's

☆ UK household wealth has tanked and it's a sign of what could happen in the US
▼ + stars: | 2023-11-01 | by ( Cork Gaines | ) www.businessinsider.com time to read: +7 min

UK's household wealth dropped due to rising interest rates, with regions like Scotland hit hardest. The US faces a similar risk with many Americans' wealth tied up in home equity and retirement accounts. Decline in UK household wealth since the start of 2022. Scotland, Wales, and the North of England had the biggest drops of 24% to 26% in total household wealth. Similar factors are seen in the USThe factors leading to declining household wealth in the UK cast a long shadow over the US.

Persons: —, Jeremy Grantham, Grantham, Daniel Bustamante, boomers Organizations: Service, Bank of England, Foundation, Federal Reserve's Survey, Consumer Finances, Treasury, Brigade, Bustamante, Co Locations: Scotland, Wales, England, East, North

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